The chemical giant will close plants and eliminate 4,000 jobs

Compared with the misfortunes of Union Carbide, Job had it easy. The company's problems began nearly a decade ago with a profit slump that has persisted ever since. Then this past December came the leak of methyl isocyanate gas from a plant in Bhopal, India, which killed 2,500 people and provoked more than $100 billion in lawsuits. Last month Union Carbide fell deeper into trouble when a toxic leak in Institute, W. Va., sent 135 people to the hospital and prompted an additional $88 million in suits. Now Union Carbide faces a potential assault by corporate raiders who hope that the...